As a practice’s patient base and volume grow, so does the complexity of healthcare administration. Treatment and patient care should always be your first priority, yet understanding daily operational tasks and obtaining the right resources is an absolute necessity. Otherwise, you risk your practice’s financial health.
The success of your business begins and ends with you, the practicing physician. And if an office isn’t running efficiently, you ultimately feel the repercussions.
Here are five considerations to take control of your practice.
- Maximize and protect your revenue cycle performance. The process begins with a thorough analysis of your practice’s financial performance. A benchmark analysis compares the historical data of your practice to industry standards, evaluating collections performance, billing rates, adjustments, write-offs and more. This helps to identify opportunities for improvement. As industry rules, services and technology continue to evolve, a full-service revenue cycle management (RCM) provider is best equipped to handle the dynamic changes in healthcare. When billing and collection processes are professional managed, physicians find more time to focus on patient care.
- Delegate tasks to others. Successful leaders prioritize tasks and assign them to staff members they trust to perform them well. Finding the right people to assume those duties can be a tall order. The first step is to reach out to your best employees for training in the time-consuming office tasks that take you away from your patients.
- Outsource when needed. In-house duties like billing and collections can be overwhelming for a small staff already tasked with checking insurance eligibility, collecting co-pays, confirming deductibles and other administrative duties. Outsourcing your billing is a great a way to bring the focus back to patient care at your practice. And a powerful clearinghouse with superior EDI capability will reduce rejections and speed payments, by catching errors before claims go out the first time. Other benefits include electronic remittance advice (ERA), denial management, eligibility checks and real-time claim status.
- Consider the benefits of a partnership. The complimentary skill set of a physician partner or mentee can transform the workplace dynamic, allowing you to focus on the parts of the job you’re the most passionate about and freeing you up to spend more time away from work. The right partner/mentee relationship will result in someone who is fully invested in the success of your practice.
- Plan for your exit. If the goal is retirement, you’ll need a viable succession plan. A new owner might be the best option, whether it’s a partner or another acquiring entity. There will be a period of transition after a sale, so you want to make sure your staff isn’t left in a lurch. A more gradual transition gives employees a chance to adjust. Planning ahead allows you to focus on the best fit—one that ensures a positive and productive future for your practice and perpetuates your legacy of caring.
Call 800-258-7150 or click here to request a call back to learn more about a Practice Profitability Portfolio, to schedule an EDI demo or to request a free consultation. We welcome the opportunity to learn more about you and your practice.